A man holds a Hezbollah flag while standing on the rubble of a damaged building in the southern suburbs of Beirut. Image credit/Reuters
US President Donald Trump said he was confident a deal to end the Iran war could be reached soon and urged the Tehran-aligned Hezbollah group to hold its fire as a 10-day ceasefire between Lebanon and Israel took effect.
Trump told reporters outside the White House the next US-Iran meeting could take place at the weekend and that an extension of the two-week pause with Iran might be possible, though he suggested Tehran wanted a deal and an extension “may not be needed.” He added that if an agreement were signed in Islamabad he might attend. Speaking later in Las Vegas, he said the war “should be ending pretty soon.”
The conflict, which began with a US-Israeli attack on Iran on February 28, has killed thousands, driven oil prices sharply higher, and prompted an International Monetary Fund downgrade of the global outlook. The IMF warned that prolonged fighting could push the world toward recession.
A Pakistani source involved in mediation between the US and Iran said there had been progress in back-channel diplomacy and that an upcoming meeting could result in an agreement. The source, speaking on condition of anonymity, said the sides would first sign a memorandum of understanding (MoU) and then conclude a comprehensive agreement within about 60 days. “Detailed agreement comes later. Both sides are agreeing in principle. And technical bits come later,” the source said.
The 10-day ceasefire between Israel and Hezbollah appeared to be holding early Friday, raising hopes it could help pave the way for a broader pause or deal involving Iran, the United States and Israel. Hezbollah has said any ceasefire must be comprehensive across Lebanese territory and not allow Israeli freedom of movement. Israel’s Prime Minister Benjamin Netanyahu said he agreed to the ceasefire “to advance” peace efforts but that Israeli troops would not withdraw.
European leaders were set to meet over the situation in the Strait of Hormuz and wider regional tensions. French President Emmanuel Macron voiced support for the Lebanon-Israel ceasefire while warning it “may already be undermined” by continuing military operations.
Economic and geopolitical ripple effects continue. Asian stocks rallied on hopes of de-escalation while oil settled below $100 a barrel, though the Strait of Hormuz remained largely blocked, keeping prices well above pre-war levels. Analysts noted the surge in energy costs is straining manufacturers and trade flows worldwide. A UN Development Programme report said Sri Lanka was among the Asia-Pacific countries worst hit by the West Asia conflict, with heavy reliance on migrant workers to the Middle East.
Other developments linked to the conflict included:
– Reports that Washington had proposed a 20-year freeze on Iran’s uranium enrichment, while Tehran had reportedly offered a five-year limit.
– Trump’s claim that Iran agreed to hand over enriched uranium “nuclear dust” to the US as part of broader assurances not to pursue a nuclear weapon—claims that drew scrutiny and were reported alongside ongoing negotiations.
– A South Korean-flagged tanker carrying Saudi crude safely exiting the Red Sea, marking one of the first such passages since countries began seeking alternative routes amid Strait of Hormuz disruptions.
– Displaced Lebanese returning to extensive destruction in many towns, finding flattened buildings and debris after the ceasefire began.
– Two Iranian women soccer players who were granted humanitarian visas to Australia thanking the government for protection and hoping to resume their careers.
– Rising costs and sour mood at China’s Canton Fair as manufacturers reported higher raw material prices since the war began.
The coming days, including the potential weekend meeting between US and Iranian representatives and the possibility of an Islamabad MoU signing, will be watched closely for signs that the ceasefires and talks can lead to a longer-lasting resolution and ease the broader economic fallout.
